Victoria is one of the most beautiful places in the world, with is temparate climate. mid range to luxury ocean front accomodations and its plethora of outdoor activities year round. It has all the possibilities of Vancouver, but at a smaller scale and with less rain. For these reasons as well as its relatively low real estate prices (locals may disagree) compared to other desirable places in the world people are emmigrating here from Europe, Asia and the US. With this influx of foriegn ownership there are many questions that a foreign national to Victoria may ask with regards to immigration, residency and ownership of property. Below is a newsletter put out by a local immigration laywer David Aujla discussing the Five Important Questions that foreign nationals ask.
FIVE IMPORTANT QUESTIONS
Over my years of practice, I have noted that there are five questions that foreign nationals usually ask prior to applying for immigration. Here are the questions and the answers:
1. Will buying a house or a business help my immigration to Canada?
Buying a house does not increase chances of entry, but nor does it hurt. The purchase of a home certainly shows a connection to Canada and the home is ultimately treated as a part of the overall net worth of the individual, but simply owning a house and living here as a visitor will not affect the selection process.
Buying a business, however, could result in a faster entry into Canada based on a temporary work permit. CAUTION! Buying a business must be part of a comprehensive immigration strategy. The purchase must be strategized with other qualifying factors, such as overall asset base, the projected performance of the business and previous business experience. These important aspects are examined and must be approved by the provincial government and/or the federal immigration department before any business is purchased. It is best to seek professional taxation and legal advice prior to purchasing a home or business.
2. As a foreigner can I get a mortgage?
The answer is yes. The requirements for obtaining a mortgage to finance a purchase, whether a home or a business will depend on the institution with which the foreign national will do business. Generally speaking, there is usually not a problem in securing mortgages with more-established financial institutions. These institutions will usually require a letter of introduction from the previous banking facility with which the foreigner has done business in his or her own home country. Previous income in the home country will also be verified. Also, institutions may require a greater percentage of the purchase price as a down payment.
3. How long can I stay in Canada? (Can't I just go out for a day and come back?)
Generally, a person is allowed a six month entry as a visitor. If a second home is purchased, one can bring in a reasonable amount of furniture as a "seasonal resident" without paying any duty. There is no corresponding regulation in the immigration act (IRPA) that states the person has to leave for six months before returning, so multiple entries can be allowed. CAUTION! You cannot "flagpole" continuously. Flagpoling means leaving Canada for a few days and then returning to Canada. Although such re-entry may be allowed on one or two occasions, the person does run a risk of being refused entry into Canada because he or she is living in Canada as a resident under the guise of being a visitor. The foreign national must maintain substantial roots with his or her home country. See the following website: http://www.victorialaw.com/details/articles/Flagpoling.pdf.
4. If I rent out my home, what are the tax implications?
Occasionally, foreign nationals will purchase a home, reside in it for a few months of the year and rent it out for the balance. NOTE: Special tax rules do apply to such situations and Canadian tax returns must be filed by the foreigner. In fact, if the taxation payments are not set up properly, the foreign landlord will be required to pay 25% of the net rental income per month to the tax department as a holdback until the tax returns are filed. However, such a drastic reduction of rent can be avoided if a Canadian resident is appointed on behalf of the foreign national to make the filings at the end of the year. CAUTION! When selling a residence, a foreign national must file a clearance certificate well in advance of the sale or there can be up to a twenty five percent holdback of the full selling price until the clearance certificate is obtained from the tax department.
5. Can I retire in Canada?
There is no retirement category under the immigration regulations. Such an avenue did once exist, but the retirement avenue of immigration was phased out in the late 1980s.
If an individual is buying a home with the view of ultimately retiring here, it is important to seek legal immigration advice immediately. Qualifying for immigration is time sensitive in that points are awarded based on the number of years of experience in both business and in work as well as the age factor. It is important that as soon as individuals are considering purchasing a home here in Canada that they seek immediate immigration legal advice to ensure that a proper strategy exists for the potential permanent entry in the future. There are also health and age-related questions which may impact the admissibility.
See the following website: http://www.victorialaw.com/details/articles/retirees.php
DAVID AUJLA
Canadian Immigration Lawyer
www.victorialaw.com
If you are planning on making a move here either from within Canada or from outside its borders please contact the Properties In Victoria Professionals team. We will not only help and educate you on the market her in Victoria, but we also have connections such as David Ajula who can help you with other professional matters
Cheers
Bill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
Thursday 31 January 2008
Wednesday 30 January 2008
Dockside Green in Victoria, BC, in Wired Magazine's global race for first carbon-neutral community
Green, Green is on everyone minds. Twenty years ago it was three minutes to midnight and all the talk about the nuclear holicost and the end civilizations as we know it. Fast forward to today and all the talk (except in the last few weeks about the US recession) is how global warming, or as a good friend of mine says, global climate change, is the end of civilation as we know it. Not only is it on the minds of polititions, okay only some, it is also on the minds of our teck savy friends. Before it was will Deep Blue be the best chess player in the world to tech companies like Google trying to decrease the size of its carbon foot print with search engines like Blackle, and Wired magazine reporting on a real estate development in Victoria BC called Dockside Green, and its state of the art enviro-friendly development.
For further information on this cutting edge environmental mixed residential real estate development in Victoria BC see the latest media release from Tartan Public Relations below.
According to Wired Magazine, the race for the first carbon-neutral, zero-emissions community is on, and Dockside Green in Victoria, BC is in the running.
Wired lists Dockside Green as one of the Top Ten greenest neighbourhoods
- 'ecotopias' - in the world, according to the latest issue of the magazine.
Dockside Green is a mixed-use residential development in Victoria's inner harbour which has aimed to set the standard for green residential developments in North America and around the world.
"Eco-topias aren't just for hippies anymore and they're sprouting up worldwide. Today's eco-communities are less crunchy and a lot more high tech. In addition to using renewable energy sources, these projects aim to limit their impact on surrounding ecosystems by building with green materials, promoting earth-friendly transportation, and recycling water and waste," notes Wired's web site at wired.com.
"The 1,000 units in this $600 million development will be built with wood from forests that were submerged by reservoirs. Dockside Green will promote bicycle use and offer a carshare program..." according to the web site.
Other communities in the Wired race are in Abu Dhabi, United Arab Emirates; Cambridge, England; San Francisco, California; Freiburg, Germany; Vaxjo, Sweden; Chongming Island, China; Liuzhou, China; Costa Rica; and Libya.
Wired is the foremost technology magazine in North America with a
monthly circulation of more than 700,000.
For a link to the article, please visit:
http://www.wired.com/science/planetearth/magazine/16-02/st_infoporn
About Dockside Green:
Dockside Green is the largest development of city land in Victoria's history, with a vision to create a socially vibrant, ecologically restorative, economically sound and just community. Leading the way in North America - all buildings within the Dockside Green community are being built to platinum LEED (Leadership in Environmental and Energy
Design) standards, the highest level in this rating system.
Once complete, Dockside Green will be a community for approximately 2,500 people incorporating the very highest in green standards and will include residential, live/work, hotel, retail, office, light industrial uses and numerous public amenities on Victoria's downtown harbour. The first residents will take occupancy at Dockside Green in March 2008.
Media contacts:
Tartan Public Relations
Office: 250-592-3838
Trisha Lees, cell: 250-896-3838, trisha@tartanpr.com
Melinda Jolley, cell: 250-881-6270, melinda@tartanpr.com
For more information on the Dockside Green Development please contact Properties in Victoria Professionals. Yoour Victoria BC real estate team.
Cheers
Bill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
For further information on this cutting edge environmental mixed residential real estate development in Victoria BC see the latest media release from Tartan Public Relations below.
According to Wired Magazine, the race for the first carbon-neutral, zero-emissions community is on, and Dockside Green in Victoria, BC is in the running.
Wired lists Dockside Green as one of the Top Ten greenest neighbourhoods
- 'ecotopias' - in the world, according to the latest issue of the magazine.
Dockside Green is a mixed-use residential development in Victoria's inner harbour which has aimed to set the standard for green residential developments in North America and around the world.
"Eco-topias aren't just for hippies anymore and they're sprouting up worldwide. Today's eco-communities are less crunchy and a lot more high tech. In addition to using renewable energy sources, these projects aim to limit their impact on surrounding ecosystems by building with green materials, promoting earth-friendly transportation, and recycling water and waste," notes Wired's web site at wired.com.
"The 1,000 units in this $600 million development will be built with wood from forests that were submerged by reservoirs. Dockside Green will promote bicycle use and offer a carshare program..." according to the web site.
Other communities in the Wired race are in Abu Dhabi, United Arab Emirates; Cambridge, England; San Francisco, California; Freiburg, Germany; Vaxjo, Sweden; Chongming Island, China; Liuzhou, China; Costa Rica; and Libya.
Wired is the foremost technology magazine in North America with a
monthly circulation of more than 700,000.
For a link to the article, please visit:
http://www.wired.com/science/planetearth/magazine/16-02/st_infoporn
About Dockside Green:
Dockside Green is the largest development of city land in Victoria's history, with a vision to create a socially vibrant, ecologically restorative, economically sound and just community. Leading the way in North America - all buildings within the Dockside Green community are being built to platinum LEED (Leadership in Environmental and Energy
Design) standards, the highest level in this rating system.
Once complete, Dockside Green will be a community for approximately 2,500 people incorporating the very highest in green standards and will include residential, live/work, hotel, retail, office, light industrial uses and numerous public amenities on Victoria's downtown harbour. The first residents will take occupancy at Dockside Green in March 2008.
Media contacts:
Tartan Public Relations
Office: 250-592-3838
Trisha Lees, cell: 250-896-3838, trisha@tartanpr.com
Melinda Jolley, cell: 250-881-6270, melinda@tartanpr.com
For more information on the Dockside Green Development please contact Properties in Victoria Professionals. Yoour Victoria BC real estate team.
Cheers
Bill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
Monday 28 January 2008
Ecologically Friendly, Economically Smart – Green is the New Gold Standard for Outfitting a Home
Royal LePage Eco Home Survey finds 88 per cent of Canadians want green qualities in their home
In Victoria BC we are seeing the green development at its forefront with the anticipation of Dockside Green and its LEED standard, along with numerus other developments incorporating and enviroment frielndly code.
The Leadership in Energy and Environmental Design (LEED) Green Building Rating System, developed by the U.S. Green Building Council, provides a suite of standards for environmentally sustainable construction. Since its inception in 1998, LEED has grown to encompass over 14,000 projects in 50 US States and 30 countries covering 1.062 billion square feet (99 km²) of development area.[2] The hallmark of LEED is that it is an open and transparent process where the technical criteria proposed by the LEED committees are publicly reviewed for approval by the more than 10,000 membership organizations that currently constitute the USGBC.
Green friendly home improvements will likely yield a solid return on investment come selling time as almost three quarters of Canadians (72%) say they will look for a green-improved property in their next home purchase, and 63 per cent will be willing to pay more for an environmentally friendly home, according to the Royal LePage Eco Home Survey released today.
The Royal LePage Eco Home Survey, which examines the attitudes and opinions of Canadians with respect to green living, found that Canadians are willing to pony up cash for greener home features. In fact, of the majority of Canadians who are willing to pay more for an eco home, 62 per cent are willing to pay between $5,000 and under $20,000, for green features, while eight per cent (8%) of respondents are willing to spend $20,000 or more on a home deemed green.
“The mood of Canadian homebuyers and sellers is changing with the times - environmental concerns are impacting the decisions people are making about their dwellings. From simple energy conservation efforts to the more elaborate use of organic building materials, the environmentally conscious mindset that our agents are seeing in clients is not a passing trend,” said Phil Soper, president and CEO, Royal LePage Real Estate Services. “To service this growing segment of the real estate market, we are pleased to launch our partnership with the National Association of Green Agents and Brokers (NAGAB) as well as the green accreditation program. This program will educate and empower our REALTORS® and brokers, as well as consumers on how to make eco-friendly decisions when it comes to the home.”
Through various education courses funded in part by the Ministry of Energy, Royal LePage real estate agents will be trained by the National Association of Green Agents and Brokers to assess environmental elements within a home and identify properties that adhere to green standards. Royal LePage members who take the National Association of Green Agents and Brokers training will be easily identifiable though a special designation logo.
“Few people realize that residential, commercial and institutional buildings represent more than 33 per cent of our total greenhouse gas emissions,” said Elden Freeman, National Association of Green Agents and Brokers founder and executive director. “While it is unreasonable to completely reduce carbon dioxide created by homes, there are various practices homeowners can implement, such as installing high-energy efficient windows, doors and insulation, high efficiency furnaces and appliances, and water-conserving fixtures such as showerheads and toilets that will significantly reduce negative effects on the environment.”
While positive changes are occurring in the general population there is much work to be done. More than half (51%) of all survey respondents say they are very concerned about the environment and think we are in dire need of change some are not as quick to implement changes. When asked, “What is preventing you from making your home more green?” over half (54%) of respondents said it was too expensive to do, while 15 per cent said they have no idea where to start.
Added Soper: “Canadians need to know that going green can certainly be within their means and within their reach. There are many simple and affordable measures that can lead to big gains for the environment, and many of the practices can actually save homeowners money.”
Small Steps for Big Change
When it comes to describing how green their current lifestyle is, 72 per cent of Canadians say they engage in traditional recycling practices. Making a difference can be as simple as implementing small environmentally friendly practices. The most popular green modifications that poll respondents already implement in their homes include switching from regular light bulbs to CFL light bulbs (74%), adding window and door sealers to prevent heat loss (61%) and switching to high efficiency washers and dryers and using low flow water fixtures (54%).
Some homeowners are taking bigger leaps. Caryn Thompson, a Toronto-based health promoter and owner of an eco-friendly home, is among those Canadians that took on green modifications when she and her husband decided to renovate their home. To create their eco enclave they opted for highly energy efficient windows made with low-e glass that decreases heat gain in the summer and keeps the house warm in the winter, installed central air that uses puron, and have painted with low or no VOC (Volatile organic compounds) products.
“When we decided to renovate our home, we wanted to make choices that would have the least impact on the environment and create a healthy indoor space for us,” said Caryn Thompson.
Motivating Forces of Nature
When asked, “What is the most influential factor for making your home more or completely green?” 35 per cent of respondents cited they are doing it for their children so they inherit a healthy planet; 32 per cent are doing it for the cost savings; and one quarter (25%) are doing it for their health and to have peace of mind they are living the best they can.
Mature Canadians edge out the younger set when it comes to recycling. Respondents aged 55+ (77%) are more likely than those aged 18 to 34 years (67%) to engage in traditional recycling practices.
More women (31%) than men (18%) are going green for their health. Conversely, more men (41%) than women (23%) cite cost savings as the most influential factor for making a change.
Additional Poll Highlights
In Victoria BC we are seeing the green development at its forefront with the anticipation of Dockside Green and its LEED standard, along with numerus other developments incorporating and enviroment frielndly code.
The Leadership in Energy and Environmental Design (LEED) Green Building Rating System, developed by the U.S. Green Building Council, provides a suite of standards for environmentally sustainable construction. Since its inception in 1998, LEED has grown to encompass over 14,000 projects in 50 US States and 30 countries covering 1.062 billion square feet (99 km²) of development area.[2] The hallmark of LEED is that it is an open and transparent process where the technical criteria proposed by the LEED committees are publicly reviewed for approval by the more than 10,000 membership organizations that currently constitute the USGBC.
Green friendly home improvements will likely yield a solid return on investment come selling time as almost three quarters of Canadians (72%) say they will look for a green-improved property in their next home purchase, and 63 per cent will be willing to pay more for an environmentally friendly home, according to the Royal LePage Eco Home Survey released today.
The Royal LePage Eco Home Survey, which examines the attitudes and opinions of Canadians with respect to green living, found that Canadians are willing to pony up cash for greener home features. In fact, of the majority of Canadians who are willing to pay more for an eco home, 62 per cent are willing to pay between $5,000 and under $20,000, for green features, while eight per cent (8%) of respondents are willing to spend $20,000 or more on a home deemed green.
“The mood of Canadian homebuyers and sellers is changing with the times - environmental concerns are impacting the decisions people are making about their dwellings. From simple energy conservation efforts to the more elaborate use of organic building materials, the environmentally conscious mindset that our agents are seeing in clients is not a passing trend,” said Phil Soper, president and CEO, Royal LePage Real Estate Services. “To service this growing segment of the real estate market, we are pleased to launch our partnership with the National Association of Green Agents and Brokers (NAGAB) as well as the green accreditation program. This program will educate and empower our REALTORS® and brokers, as well as consumers on how to make eco-friendly decisions when it comes to the home.”
Through various education courses funded in part by the Ministry of Energy, Royal LePage real estate agents will be trained by the National Association of Green Agents and Brokers to assess environmental elements within a home and identify properties that adhere to green standards. Royal LePage members who take the National Association of Green Agents and Brokers training will be easily identifiable though a special designation logo.
“Few people realize that residential, commercial and institutional buildings represent more than 33 per cent of our total greenhouse gas emissions,” said Elden Freeman, National Association of Green Agents and Brokers founder and executive director. “While it is unreasonable to completely reduce carbon dioxide created by homes, there are various practices homeowners can implement, such as installing high-energy efficient windows, doors and insulation, high efficiency furnaces and appliances, and water-conserving fixtures such as showerheads and toilets that will significantly reduce negative effects on the environment.”
While positive changes are occurring in the general population there is much work to be done. More than half (51%) of all survey respondents say they are very concerned about the environment and think we are in dire need of change some are not as quick to implement changes. When asked, “What is preventing you from making your home more green?” over half (54%) of respondents said it was too expensive to do, while 15 per cent said they have no idea where to start.
Added Soper: “Canadians need to know that going green can certainly be within their means and within their reach. There are many simple and affordable measures that can lead to big gains for the environment, and many of the practices can actually save homeowners money.”
Small Steps for Big Change
When it comes to describing how green their current lifestyle is, 72 per cent of Canadians say they engage in traditional recycling practices. Making a difference can be as simple as implementing small environmentally friendly practices. The most popular green modifications that poll respondents already implement in their homes include switching from regular light bulbs to CFL light bulbs (74%), adding window and door sealers to prevent heat loss (61%) and switching to high efficiency washers and dryers and using low flow water fixtures (54%).
Some homeowners are taking bigger leaps. Caryn Thompson, a Toronto-based health promoter and owner of an eco-friendly home, is among those Canadians that took on green modifications when she and her husband decided to renovate their home. To create their eco enclave they opted for highly energy efficient windows made with low-e glass that decreases heat gain in the summer and keeps the house warm in the winter, installed central air that uses puron, and have painted with low or no VOC (Volatile organic compounds) products.
“When we decided to renovate our home, we wanted to make choices that would have the least impact on the environment and create a healthy indoor space for us,” said Caryn Thompson.
Motivating Forces of Nature
When asked, “What is the most influential factor for making your home more or completely green?” 35 per cent of respondents cited they are doing it for their children so they inherit a healthy planet; 32 per cent are doing it for the cost savings; and one quarter (25%) are doing it for their health and to have peace of mind they are living the best they can.
Mature Canadians edge out the younger set when it comes to recycling. Respondents aged 55+ (77%) are more likely than those aged 18 to 34 years (67%) to engage in traditional recycling practices.
More women (31%) than men (18%) are going green for their health. Conversely, more men (41%) than women (23%) cite cost savings as the most influential factor for making a change.
Additional Poll Highlights
- Atlantic (72%) residents are the most likely to pay more, whereas Ontario residents (60%) are the least likely to pay more for an eco-friendly dwelling.
- Fourteen per cent (14%) of homeowners are already living in an eco-friendly abode.
- The survey found that 16 per cent of respondents say they exercise their green side from time to time, when it is convenient, and only nine per cent (9%) claim to be at one with Mother Earth, and live a very green lifestyle.
- Seventy-eight (78%) believe there is a direct link between the unseasonably warm temperatures and decades of the world's lack of awareness about the environment. Albertans are the most reticent about such a link, with 68 per cent of respondents from Alberta claiming to see a link, whereas 82 per cent of people in Quebec believe the two elements are related.
Poll Methodology
Angus Reid Strategies conducted poll portion of the Royal LePage Eco Home Survey, with fieldwork completed on Tuesday, October 16, 2007. The poll was conducted on-line with a national representative sample of 1,266 Canadians survey respondents aged 18 year and older. The results have a maximum margin of error +/- 2.75% 19 times out of 20.
About Royal LePage
Royal LePage is Canada's leading provider of franchise services to residential real estate brokerages, with a network of over 13,000 agents and sales representatives in 600 locations across Canada operating under the Royal LePage, Johnston & Daniel, and Realty World brand names. Royal LePage manages the Royal LePage Franchise Services Fund, a TSX listed income trust, trading under the symbol “RSF.UN.” For more information visit www.royallepage.ca.
About National Association of Green Agents and Brokers The National Association of Green Agents and Brokers (NAGAB) is Canada's largest non-profit association of real estate agents committed to reducing greenhouse gas emissions. The association's Greenrealestate™ curriculum provides an education and certification program for real estate agents. Through the association's innovative offerings, real estate agents promote the benefits of energy conservation to their buyers and sellers. The National Association of Green Agents and Brokers has over 15,000 affiliate members coast-to-coast and boasts support from major corporate and government sponsors. For more information visit www.nagab.org.
For more information on Enviromently friendly real estate projects such as Dockside Green feel free to contact us anytime.
Cheers
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
Saturday 26 January 2008
Luxury Real Estate Listings in the Bayview - Victoria BC
Properties in Victoria Professionals are proud to announce 2 hot new listings at the Prestigious Bayview Development. These spacious 1 bedroom 1 bathroom units are fabulously appointed and offer exceptional views.
The Bayview luxury collection of townhouses and condos is the last truly all ocean view community close to everything that Victoria has to offer. It is located on the highest land mass above Victoria's harbour offering exceptional ocean, mountain and city views.
The Bayview community, when complete, will feature an Amenity Clubhouse offering an indoor pool and a lap pool, whirlpools, saunas, jacuzzi, visitor facilities, racquetball, squash, tennis, exercise facilities and cafe bistro.
For more information our two listings at this one of a kind Victoria BC development please visit our Real Estate Info Blog or contact us directly. We would love to tell you more!
Cheers
Bill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
The Bayview luxury collection of townhouses and condos is the last truly all ocean view community close to everything that Victoria has to offer. It is located on the highest land mass above Victoria's harbour offering exceptional ocean, mountain and city views.
The Bayview community, when complete, will feature an Amenity Clubhouse offering an indoor pool and a lap pool, whirlpools, saunas, jacuzzi, visitor facilities, racquetball, squash, tennis, exercise facilities and cafe bistro.
For more information our two listings at this one of a kind Victoria BC development please visit our Real Estate Info Blog or contact us directly. We would love to tell you more!
Cheers
Bill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
Tuesday 22 January 2008
Victoria BC’s Bear Mountain finds new real estate markets as US economy weakens
With all the talk about the subprime meltdown south of the border, it looks like we are not talking about it here in Victoria BC. Over the last seven trading days the markets have taken a beating. Has the dust settled? Some analysists say not quite yet. But that is the market, how about real estate in Victoria BC? It seams that things are looking rosy for the Bear Mountain Development. For more information please read, below, the media alert from Tartan Public Relations.
Slump south of the border means more, not fewer, purchasers looking north
January 22, 2008
Victoria, BC, Canada - It's a real (estate) interesting paradox.
The subprime mortgage crisis in the US and the weakening US economy means more, rather than fewer, opportunities for the real estate marketing team at Bear Mountain Resort, near Victoria, BC.
That's because their target demographic generally isn't affected by the subprime crisis, and that demographic never stops looking for real estate opportunities. Dale Sproule, Bear Mountain's director of real estate, says they have just opened an Arizona office to take advantage of the many US purchasers who are increasing their Canadian holdings, including resort-style real estate that Bear Mountain offers.
"The US market is slumping, but that has meant opportunities for us. We have found that many alert real estate buyers are bullish on Canada, especially the West Coast. Victoria, with its solid economic fundamentals, strong real estate market, and superb West Coast amenities, looks very good to a certain type of American buyer. Even with the two currencies nearly at par, they see value in Canada," says Sproule. "I just had a call from a client in Texas who bought property at Bear Mountain a couple of years ago. He thanked me for convincing him to buy at Bear: he told me it's the best real estate investment he's ever made. We're also seeing interest from International clients who have no intention of buying US real estate because they have no idea at what price point that market might bottom out. These are markets to be explored, so we're jumping in."
With condominiums, townhomes, fractional ownership and single family home sites offered, Sproule notes that both local buyers and purchasers from across Canada and the US are coming to Bear Mountain Resort because, as the resort and village continue to grow and take shape, they want to live there full-time or spend large chunks of time there. "It's always been about the golf and resort-style amenities, but now the village is becoming what we envisioned. We have the trolley system, an art gallery, insurance company, hair salon, a furniture store opening a month from now, athletic club, restaurants, coffee shop. We're seeing more and more purchasers that want to live here and take advantage of the amenities, rather than speculators. We see purchasers who live in and enjoy the resort atmosphere, go to their jobs in Victoria or the West Shore by day, and then come home at night to the mountain."
Sproule notes that their type of purchaser responds especially well to web-based marketing techniques that Bear Mountain Resort was one of the first major West Coast developments to use. "We have always been at the leading edge of real estate marketing. We were among the first to recognize the strength of Alberta purchasers and market aggressively in that province. We were among the first to use streaming video on the web that allows purchasers to actually see what the interiors and views from a particular property would look like. As our development has progressed, so has our web presence, and it's really our primary marketing tool for our target markets."
Sproule notes that sophisticated web site tracking provides immediate analysis of advertising campaigns. In 2008, Bear Mountain's online marketing program will continue to break new ground by tapping into new web sites and resources that shed light on far-away international markets. He notes that plans include opening a presentation office in London. "The UK is the third highest source of traffic to our web site. We have been working hard to mine UK leads over the past few years, participating in UK tradeshows and talking about our real estate product face to face with purchasers.
Focusing on the US, the UK and tapping into new international markets doesn't mean they're ignoring traditional Canadian markets and buyers. "We are staying true to our core markets of BC and Alberta, but we are also going further afield, which means more targeted marketing campaigns in eastern Canada, especially Toronto," says Kerri Moore, Bear Mountain's director of marketing. "We will open a presentation office in Vancouver this spring."
The West Coast real estate market, even with prices still rising, has changed from a couple of years ago. Back then, many new condominium projects sold out on first day of release. Now, some single-phase developments aren't generating enough pre-sales to go ahead, partly because those developers can't afford marketing dollars to generate enough sales to make those projects go ahead. Not so at Bear Mountain, which will be marketed nationally and internationally for the next decade.
"Here, purchasers benefit from the ongoing and evolving marketing efforts of Bear Mountain as a full-service, all-season resort with a major hotel, two high-end golf courses, and a resort-style community, with food and retail services," says Moore. Bear Mountain has had to react to the changing market too, and is leaving no stone unturned in their outreach to purchasers, she says.
The lower end of the price range at Bear Mountain is still affordable for young and first-time purchasers, Moore notes, with a limited number condominiums still available for under $299,000.
For information, go to www.bearmountain.ca.
About Bear Mountain Resort:
The premier destination and first and only master-planned resort community on Vancouver Island, Bear Mountain Resort provides a complete lifestyle experience, offering a variety of residential and vacation real estate opportunities as well as The Westin Bear Mountain Victoria Golf Resort & Spa. Situated on 1,500 acres of mountainside property, the community features the first and only 36-hole Nicklaus Designed golf offering and Nicklaus Academy in Canada, medical and traditional esthetics at the Santé Spa, five world-class restaurants and the state-of-the-art Mountainside Athletic Club, all within minutes of the beautiful seaside harbour of Victoria, British Columbia.
We, Properties in Victoria Professionals, are more than happy to assist you with all your real estate needs here in Victoria BC, including Bear Mountain. For more information on our services and listings, including two current listings we have at Bear Mountain, please visit our website or contact us directly.
Cheers
Bill
Bill Ethier REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
Slump south of the border means more, not fewer, purchasers looking north
January 22, 2008
Victoria, BC, Canada - It's a real (estate) interesting paradox.
The subprime mortgage crisis in the US and the weakening US economy means more, rather than fewer, opportunities for the real estate marketing team at Bear Mountain Resort, near Victoria, BC.
That's because their target demographic generally isn't affected by the subprime crisis, and that demographic never stops looking for real estate opportunities. Dale Sproule, Bear Mountain's director of real estate, says they have just opened an Arizona office to take advantage of the many US purchasers who are increasing their Canadian holdings, including resort-style real estate that Bear Mountain offers.
"The US market is slumping, but that has meant opportunities for us. We have found that many alert real estate buyers are bullish on Canada, especially the West Coast. Victoria, with its solid economic fundamentals, strong real estate market, and superb West Coast amenities, looks very good to a certain type of American buyer. Even with the two currencies nearly at par, they see value in Canada," says Sproule. "I just had a call from a client in Texas who bought property at Bear Mountain a couple of years ago. He thanked me for convincing him to buy at Bear: he told me it's the best real estate investment he's ever made. We're also seeing interest from International clients who have no intention of buying US real estate because they have no idea at what price point that market might bottom out. These are markets to be explored, so we're jumping in."
With condominiums, townhomes, fractional ownership and single family home sites offered, Sproule notes that both local buyers and purchasers from across Canada and the US are coming to Bear Mountain Resort because, as the resort and village continue to grow and take shape, they want to live there full-time or spend large chunks of time there. "It's always been about the golf and resort-style amenities, but now the village is becoming what we envisioned. We have the trolley system, an art gallery, insurance company, hair salon, a furniture store opening a month from now, athletic club, restaurants, coffee shop. We're seeing more and more purchasers that want to live here and take advantage of the amenities, rather than speculators. We see purchasers who live in and enjoy the resort atmosphere, go to their jobs in Victoria or the West Shore by day, and then come home at night to the mountain."
Sproule notes that their type of purchaser responds especially well to web-based marketing techniques that Bear Mountain Resort was one of the first major West Coast developments to use. "We have always been at the leading edge of real estate marketing. We were among the first to recognize the strength of Alberta purchasers and market aggressively in that province. We were among the first to use streaming video on the web that allows purchasers to actually see what the interiors and views from a particular property would look like. As our development has progressed, so has our web presence, and it's really our primary marketing tool for our target markets."
Sproule notes that sophisticated web site tracking provides immediate analysis of advertising campaigns. In 2008, Bear Mountain's online marketing program will continue to break new ground by tapping into new web sites and resources that shed light on far-away international markets. He notes that plans include opening a presentation office in London. "The UK is the third highest source of traffic to our web site. We have been working hard to mine UK leads over the past few years, participating in UK tradeshows and talking about our real estate product face to face with purchasers.
Focusing on the US, the UK and tapping into new international markets doesn't mean they're ignoring traditional Canadian markets and buyers. "We are staying true to our core markets of BC and Alberta, but we are also going further afield, which means more targeted marketing campaigns in eastern Canada, especially Toronto," says Kerri Moore, Bear Mountain's director of marketing. "We will open a presentation office in Vancouver this spring."
The West Coast real estate market, even with prices still rising, has changed from a couple of years ago. Back then, many new condominium projects sold out on first day of release. Now, some single-phase developments aren't generating enough pre-sales to go ahead, partly because those developers can't afford marketing dollars to generate enough sales to make those projects go ahead. Not so at Bear Mountain, which will be marketed nationally and internationally for the next decade.
"Here, purchasers benefit from the ongoing and evolving marketing efforts of Bear Mountain as a full-service, all-season resort with a major hotel, two high-end golf courses, and a resort-style community, with food and retail services," says Moore. Bear Mountain has had to react to the changing market too, and is leaving no stone unturned in their outreach to purchasers, she says.
The lower end of the price range at Bear Mountain is still affordable for young and first-time purchasers, Moore notes, with a limited number condominiums still available for under $299,000.
For information, go to www.bearmountain.ca.
About Bear Mountain Resort:
The premier destination and first and only master-planned resort community on Vancouver Island, Bear Mountain Resort provides a complete lifestyle experience, offering a variety of residential and vacation real estate opportunities as well as The Westin Bear Mountain Victoria Golf Resort & Spa. Situated on 1,500 acres of mountainside property, the community features the first and only 36-hole Nicklaus Designed golf offering and Nicklaus Academy in Canada, medical and traditional esthetics at the Santé Spa, five world-class restaurants and the state-of-the-art Mountainside Athletic Club, all within minutes of the beautiful seaside harbour of Victoria, British Columbia.
We, Properties in Victoria Professionals, are more than happy to assist you with all your real estate needs here in Victoria BC, including Bear Mountain. For more information on our services and listings, including two current listings we have at Bear Mountain, please visit our website or contact us directly.
Cheers
Bill
Bill Ethier REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
Sunday 20 January 2008
Unseasonably High Price Appreciation and Record-Breaking Activity Cap Canada’s Real Estate Market in 2007
Unseasonably High Price Appreciation and Record-Breaking Activity Cap Canada’s Real Estate Market in 2007
Victoria BC's real estate market and Canada’s real estate market posted significant gains in the fourth quarter of 2007 and showed little sign of the traditional seasonal slowdown. Average house prices continued to increase in the fourth quarter with many markets experiencing double-digit gains, according to a House Price Survey report released today by Royal LePage Real Estate Services.
Of the housing types surveyed, detached bungalows increased to $337,555 (+11.6 %), followed by standard two-storey properties, which rose to $399,738 (+11.3%), and standard condominiums, which increased in price to $240,395 (+11.7 %), year-over-year.
“The fourth quarter 2007 was surprisingly strong, with unseasonably high price increases and unwavering demand,” said Phil Soper, president and chief executive, Royal LePage Real Estate Services. “The strength of the market was apparent throughout the country, largely due to positive economic fundamentals. The value and export-demand for our natural resources has underpinned high employment rates, providing Canadians with confidence in the future stability of their jobs and their local residential real estate markets.”
Mirroring the pattern seen throughout most of 2007, it was the prairies that continued to dominate in price appreciation, with markets such as Regina and Saskatoon experiencing price increases as significant as 50 per cent. While agriculture is still a significant contributor to the regional economy, natural resources such as oil, gas, potash and uranium continued to drive exceptional growth in the area.
Homeowners in Saskatchewan saw property prices appreciate at a much higher rate than anywhere else in Canada, reflecting the relative affordability of homes in the region, and a shortage in supply relative to the booming demand for home ownership. The combination of a spike in the number of available jobs, the reasonable cost of living, and the attractiveness of the prairie lifestyle led to an unprecedented number of people searching for homes.In Winnipeg, demand outstripped supply, prompting significant price increases. A sharp rise in new housing starts, high employment rates and several capital investment projects all contributed to the province’s positive economic outlook. The increase in jobs also elevated consumer confidence and provided buyers with the ability to spend more on homes. Buyers entered the market eager to purchase properties before anticipated price increases occur.
Throughout the fourth quarter, Vancouver’s population continued to surge, as the city held great appeal for both investors and newcomers to Canada. The availability of a variety of jobs associated with the 2010 Olympics helped maintain the strength of Vancouver’s housing market, and continued to pressure house prices upwards.
In Alberta, the year end saw strong demand for more reasonably priced properties in resource rich Calgary and Edmonton; however, a surplus of inventory tempered activity levels and provided buyers with a selection of listings from which to choose. The rapid escalation of home prices in recent years has moderated demand and supports the current trend towards balanced conditions. This is in sharp contrast to the first quarter of 2007, when average house price increases in excess of 50 per cent were the norm in Edmonton.
The impact of the rise of Canada’s dollar to parity with the US dollar was mitigated by the end of the fourth quarter, as the manufacturing sectors in Ontario and Quebec continued to adjust to the dollar’s appreciation. Buyer activity levels in Central Ontario and Quebec remained strong and steady through the fourth quarter. In fact, Toronto displayed high levels of home buying activity in the fourth quarter, despite the city’s rising house prices, partly related to the introduction of a new land transfer tax that will be implemented on January 1, 2008.
Within Atlantic Canada, Saint John reported the highest price gains in the fourth quarter, and was among the country’s top five cities with the most significant price appreciations. In Saint John, it was the energy sector – which makes up more than half of the province’s total exports – that continued to drive the city’s economic vitality, luring both Atlantic residents and investors to the city’s real estate market. Despite a restructuring of the Irving family’s business assets, discussions persist about the development of a new $7 billion refinery in the Saint John area – a plan that would further solidify the province’s reputation as the natural resource hub of eastern Canada.
Added Soper: “As we move into the new year, activity levels are expected to wane from the frantic pace that many regions of the country experienced in 2007; however, average prices are expected to continue to rise, albeit at a much more moderate pace. Canadian buyers and sellers can expect healthy, balanced conditions in 2008 – the best environment for a strong and sustainable real estate market.”
REGIONAL SUMMARIES
In the fourth quarter, Halifax experienced better than anticipated house price appreciation, as sales figures and average house price increases continued to paint a picture of a healthy and well balanced housing market. Low levels of desirable properties in the popular Sackville, Dartmouth and Bedford neighbourhoods left little room for price negotiation, as buyers who attempted to go-in below asking were largely denied entry into the market.
Moncton’s economy continued to shine in the fourth quarter, leading to average house price increases. High mineral tax revenues, a strong service-oriented economy and the grand opening of Molson Canada’s new $35-million brewing facility continue to attract more buyers to an already tight housing market.
In Fredericton, the strong provincial economy, and economic impact of new commercial construction and the opening of several big box retail outlets drove consistent housing market activity in the fourth quarter.
Saint John is enjoying a streak of positive press, strong consumer confidence and exceptional year-over-year house price growth – three factors that have pressured house prices upwards across all housing types in the fourth quarter. Supply in the area continues to meet demand; however, with the increase in optimism related to growth in the Saint John area, this will only last for a short while longer.
Charlottetown’s housing market saw moderate growth in the fourth quarter, as demand for lower-maintenance properties led to modest year-over-year house price increases. New office building developments being built in the city’s core and a strong provincial economy have positively impacted the confidence levels of many area residents.
In St. John’s, speculation over the bourgeoning natural resource economy and a second drilling project outside the Hebron Ben Nevis continued to lure buyers to the area. Several new businesses to the city, including two Starbucks coffee houses and several big box retailers, suggest the city is poised for sustained growth.
Strong demand for houses in Ottawa continued to fuel price increases in the fourth quarter. An anticipated shift in demographics to take place within the workforce over the next few years has many newcomers flocking to the city.
Montreal’s real estate market continued to fire on all cylinders during the fourth quarter. The combination of the city’s high level of consumer confidence, a resilient economy that is adjusting to the strength of the Canadian dollar, and affordable interest rates have all led to strong buyer demand, pressuring average house prices upwards.
Toronto’s real estate market shattered all previously held records for unit sales in 2007. The momentum from the year’s first three quarters carried over to the end of the year, as robust buyer activity pressured average house prices upwards.
As the year came to an end, Winnipeg’s housing market continued to be characterized by rising average house prices, as inventory levels were not able to satisfy buyer demand. A sharp rise in new housing starts, high employment rates and several capital investment projects all contributed to the province’s positive economic outlook.
In Saskatoon, the combination of continued in-migration, tight inventory and increased property demand led to significant house price increases – of at least 50 per cent, year-over-year. Market activity in Regina echoed that of Saskatoon, as all housing types surveyed experienced significant year-over-year double-digit increases.
In Calgary, an increase in inventory during the beginning of the fourth quarter led to more balanced market conditions, and prompted single-digit average house price appreciation. The city has experienced a surge in buyers moving to condominiums in the downtown core simply due to their proximity to amenities and affordable prices.
Despite the dramatic increase in available inventory seen in the last three months of 2007, double-digit price increases were noted in Edmonton across all housing types surveyed. While demand is strong, the increased supply has impacted the resale market and homes that are not priced appropriately will take longer to sell.
A strong economy and a job market brimming with opportunity attracted an influx of buyers to Vancouver in the fourth quarter. In 2007, Vancouver’s population grew considerably and census reports maintain that large urban centres, including Vancouver, continue to attract people.
During the fourth quarter of 2007, Victoria’s real estate market experienced strong and steady activity, and recorded a rise in average house prices. The fourth quarter also saw slightly lower inventory levels, and well-priced product in most categories continued to be at a premium.
The Royal LePage Survey of Canadian House Prices is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in over 250 neighbourhoods from coast to coast. This release references an abbreviated version of the survey, which highlights house price trends for the three most common types of housing in Canada in 80 communities across the country. A complete database of past and present surveys is available on the Royal LePage Web site at http://www.royallepage.ca/, and current figures will be updated following the end of the fourth quarter. A printable version of the fourth quarter 2007 survey will be available online on February 15, 2008.
Housing values in the Royal LePage Survey are Royal LePage opinions of fair market value in each location, based on local data and market knowledge provided by Royal LePage residential real estate experts. Historical data is available for some areas back to the early 1970s.
If you are interested in more information on the Victoria BC market please contact us or visiti our webiste and view our quarterly report.
Have a great day
Bill
Bill Ethier REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
Victoria BC's real estate market and Canada’s real estate market posted significant gains in the fourth quarter of 2007 and showed little sign of the traditional seasonal slowdown. Average house prices continued to increase in the fourth quarter with many markets experiencing double-digit gains, according to a House Price Survey report released today by Royal LePage Real Estate Services.
Of the housing types surveyed, detached bungalows increased to $337,555 (+11.6 %), followed by standard two-storey properties, which rose to $399,738 (+11.3%), and standard condominiums, which increased in price to $240,395 (+11.7 %), year-over-year.
“The fourth quarter 2007 was surprisingly strong, with unseasonably high price increases and unwavering demand,” said Phil Soper, president and chief executive, Royal LePage Real Estate Services. “The strength of the market was apparent throughout the country, largely due to positive economic fundamentals. The value and export-demand for our natural resources has underpinned high employment rates, providing Canadians with confidence in the future stability of their jobs and their local residential real estate markets.”
Mirroring the pattern seen throughout most of 2007, it was the prairies that continued to dominate in price appreciation, with markets such as Regina and Saskatoon experiencing price increases as significant as 50 per cent. While agriculture is still a significant contributor to the regional economy, natural resources such as oil, gas, potash and uranium continued to drive exceptional growth in the area.
Homeowners in Saskatchewan saw property prices appreciate at a much higher rate than anywhere else in Canada, reflecting the relative affordability of homes in the region, and a shortage in supply relative to the booming demand for home ownership. The combination of a spike in the number of available jobs, the reasonable cost of living, and the attractiveness of the prairie lifestyle led to an unprecedented number of people searching for homes.In Winnipeg, demand outstripped supply, prompting significant price increases. A sharp rise in new housing starts, high employment rates and several capital investment projects all contributed to the province’s positive economic outlook. The increase in jobs also elevated consumer confidence and provided buyers with the ability to spend more on homes. Buyers entered the market eager to purchase properties before anticipated price increases occur.
Throughout the fourth quarter, Vancouver’s population continued to surge, as the city held great appeal for both investors and newcomers to Canada. The availability of a variety of jobs associated with the 2010 Olympics helped maintain the strength of Vancouver’s housing market, and continued to pressure house prices upwards.
In Alberta, the year end saw strong demand for more reasonably priced properties in resource rich Calgary and Edmonton; however, a surplus of inventory tempered activity levels and provided buyers with a selection of listings from which to choose. The rapid escalation of home prices in recent years has moderated demand and supports the current trend towards balanced conditions. This is in sharp contrast to the first quarter of 2007, when average house price increases in excess of 50 per cent were the norm in Edmonton.
The impact of the rise of Canada’s dollar to parity with the US dollar was mitigated by the end of the fourth quarter, as the manufacturing sectors in Ontario and Quebec continued to adjust to the dollar’s appreciation. Buyer activity levels in Central Ontario and Quebec remained strong and steady through the fourth quarter. In fact, Toronto displayed high levels of home buying activity in the fourth quarter, despite the city’s rising house prices, partly related to the introduction of a new land transfer tax that will be implemented on January 1, 2008.
Within Atlantic Canada, Saint John reported the highest price gains in the fourth quarter, and was among the country’s top five cities with the most significant price appreciations. In Saint John, it was the energy sector – which makes up more than half of the province’s total exports – that continued to drive the city’s economic vitality, luring both Atlantic residents and investors to the city’s real estate market. Despite a restructuring of the Irving family’s business assets, discussions persist about the development of a new $7 billion refinery in the Saint John area – a plan that would further solidify the province’s reputation as the natural resource hub of eastern Canada.
Added Soper: “As we move into the new year, activity levels are expected to wane from the frantic pace that many regions of the country experienced in 2007; however, average prices are expected to continue to rise, albeit at a much more moderate pace. Canadian buyers and sellers can expect healthy, balanced conditions in 2008 – the best environment for a strong and sustainable real estate market.”
REGIONAL SUMMARIES
In the fourth quarter, Halifax experienced better than anticipated house price appreciation, as sales figures and average house price increases continued to paint a picture of a healthy and well balanced housing market. Low levels of desirable properties in the popular Sackville, Dartmouth and Bedford neighbourhoods left little room for price negotiation, as buyers who attempted to go-in below asking were largely denied entry into the market.
Moncton’s economy continued to shine in the fourth quarter, leading to average house price increases. High mineral tax revenues, a strong service-oriented economy and the grand opening of Molson Canada’s new $35-million brewing facility continue to attract more buyers to an already tight housing market.
In Fredericton, the strong provincial economy, and economic impact of new commercial construction and the opening of several big box retail outlets drove consistent housing market activity in the fourth quarter.
Saint John is enjoying a streak of positive press, strong consumer confidence and exceptional year-over-year house price growth – three factors that have pressured house prices upwards across all housing types in the fourth quarter. Supply in the area continues to meet demand; however, with the increase in optimism related to growth in the Saint John area, this will only last for a short while longer.
Charlottetown’s housing market saw moderate growth in the fourth quarter, as demand for lower-maintenance properties led to modest year-over-year house price increases. New office building developments being built in the city’s core and a strong provincial economy have positively impacted the confidence levels of many area residents.
In St. John’s, speculation over the bourgeoning natural resource economy and a second drilling project outside the Hebron Ben Nevis continued to lure buyers to the area. Several new businesses to the city, including two Starbucks coffee houses and several big box retailers, suggest the city is poised for sustained growth.
Strong demand for houses in Ottawa continued to fuel price increases in the fourth quarter. An anticipated shift in demographics to take place within the workforce over the next few years has many newcomers flocking to the city.
Montreal’s real estate market continued to fire on all cylinders during the fourth quarter. The combination of the city’s high level of consumer confidence, a resilient economy that is adjusting to the strength of the Canadian dollar, and affordable interest rates have all led to strong buyer demand, pressuring average house prices upwards.
Toronto’s real estate market shattered all previously held records for unit sales in 2007. The momentum from the year’s first three quarters carried over to the end of the year, as robust buyer activity pressured average house prices upwards.
As the year came to an end, Winnipeg’s housing market continued to be characterized by rising average house prices, as inventory levels were not able to satisfy buyer demand. A sharp rise in new housing starts, high employment rates and several capital investment projects all contributed to the province’s positive economic outlook.
In Saskatoon, the combination of continued in-migration, tight inventory and increased property demand led to significant house price increases – of at least 50 per cent, year-over-year. Market activity in Regina echoed that of Saskatoon, as all housing types surveyed experienced significant year-over-year double-digit increases.
In Calgary, an increase in inventory during the beginning of the fourth quarter led to more balanced market conditions, and prompted single-digit average house price appreciation. The city has experienced a surge in buyers moving to condominiums in the downtown core simply due to their proximity to amenities and affordable prices.
Despite the dramatic increase in available inventory seen in the last three months of 2007, double-digit price increases were noted in Edmonton across all housing types surveyed. While demand is strong, the increased supply has impacted the resale market and homes that are not priced appropriately will take longer to sell.
A strong economy and a job market brimming with opportunity attracted an influx of buyers to Vancouver in the fourth quarter. In 2007, Vancouver’s population grew considerably and census reports maintain that large urban centres, including Vancouver, continue to attract people.
During the fourth quarter of 2007, Victoria’s real estate market experienced strong and steady activity, and recorded a rise in average house prices. The fourth quarter also saw slightly lower inventory levels, and well-priced product in most categories continued to be at a premium.
The Royal LePage Survey of Canadian House Prices is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in over 250 neighbourhoods from coast to coast. This release references an abbreviated version of the survey, which highlights house price trends for the three most common types of housing in Canada in 80 communities across the country. A complete database of past and present surveys is available on the Royal LePage Web site at http://www.royallepage.ca/, and current figures will be updated following the end of the fourth quarter. A printable version of the fourth quarter 2007 survey will be available online on February 15, 2008.
Housing values in the Royal LePage Survey are Royal LePage opinions of fair market value in each location, based on local data and market knowledge provided by Royal LePage residential real estate experts. Historical data is available for some areas back to the early 1970s.
If you are interested in more information on the Victoria BC market please contact us or visiti our webiste and view our quarterly report.
Have a great day
Bill
Bill Ethier REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
Thursday 17 January 2008
Prestigious Real Estate Offering in Victoria BC
Properties in Victoria Professionals are proud to offer you an amazing opportunity to own a luxury condo in the prestigious Belvedere in downtown Victoria BC.
Situated in the heart of Victoria, Belvedere is a 16-storey, mixed-use concrete tower that consists of 77 suites and ground level retail space. Developed by Concert Properties, Georgie Awards® 2007 Finalists for Best Multi-Family Development (High- Rise). Belvedere is ideally located within walking distance to the Inner Harbour, shopping, restaurants and entertainment. Amenities within the building include a spacious fitness studio, elegantly landscaped terrace, a lounge with pool table, a bike club and a workshop.
Situated in the heart of Victoria, Belvedere is a 16-storey, mixed-use concrete tower that consists of 77 suites and ground level retail space. Developed by Concert Properties, Georgie Awards® 2007 Finalists for Best Multi-Family Development (High- Rise). Belvedere is ideally located within walking distance to the Inner Harbour, shopping, restaurants and entertainment. Amenities within the building include a spacious fitness studio, elegantly landscaped terrace, a lounge with pool table, a bike club and a workshop.
The condo offers 2 bedroom 2 bathroom with almost 1300 sqft of bright living space. Located on the South East corner of the building with city and park views. It has high ceilings, granite counter tops, teak floors, maple shaker cabinetry, stainless appliances and of course everything else Victoria has to offer.
For more information on this real estate offering or other luxury properties in Victoria please contact us or log onto our website http://www.propertiesinvictoria.com/
Have a great day
Bill Ethier REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is a the Race Director for the Sooke River 10K.
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